EQS-News: PALFINGER AG: Record High in First Three Quarters 2023
EQS-News: PALFINGER AG: Record High in First Three Quarters 2023
EQS-News: Palfinger AG / Key word(s): Quarter Results
PALFINGER AG: Record High in First Three Quarters 2023
30.10.2023 / 07:01 CET/CEST
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
PRESS RELEASE Bergheim, Austria on October 30, 2023
PALFINGER AG: Record High in First Three Quarters 2023
• The best Q1-Q3 result in the company’s history with revenue of
EUR 1,798.9 million, an EBIT of EUR 165.0 million and a consolidated
net result of EUR 90.9 million
• Strong growth in North America
• Management expects revenue of EUR 2.4 billion and EBIT above EUR 200
million for the full year 2023.
in EUR million Q1-3/2021 Q1-3/2022 Q1-3/2023 %
Revenue 1,337.6 1,580.9 1,798.9 +13.8
EBITDA 188.3 170.6 233.4 +36.8
EBIT 125.4 112.5 165.0 +46.7
EBIT margin in % 9.4 7.1 9.2 –
Consolidated net result 71.4 53.2 90.9 +70.9
Employees^1) 11,510 12,175 12,707 –
1) Reporting date figures of consolidated Group companies without equity
investments and without contract workers.
At a global level, 2023 is characterized by the effects of geopolitical
developments, high interest rates and continued high inflation. Despite
these difficult conditions, in the first three quarters of 2023 PALFINGER
AG once again achieved record figures with EUR 1,798.9 million in revenue,
EUR 165.0 million EBIT and a consolidated net result of EUR 90.9 million
as a result of a very good product mix and the implemented price increases
taking full effect. The reduction in costs for freight and materials began
to take effect during Q3. However, a highly challenging economic
environment is forecast for 2024, for which PALFINGER is already preparing
today.
Growth market North America and Asia Pacific
The high demand for service cranes and truck-mounted forklifts led to
growth in revenue of more than 30 percent in North America. As a result,
the region remained an important growth driver despite the limited
availability of truck chassis and resulting lower output. The recovery of
the economy in Asia Pacific outside China also had a positive impact on
order intake in the loader crane sector, particularly in the future market
of India, where PALFINGER sees great potential for further growth. The
marine sector experienced a good order intake as well.
Steep economic downturn in EMEA
In Europe, inflation and high interest rates have had a negative impact on
the economic environment, and the construction industry in particular is
suffering from the negative effects with reduced order intake. The
delivery reliability of our suppliers improved significantly compared to
the previous year, but the continued low level of delivery reliability for
trucks in EMEA led to bottlenecks in the installation network so that the
inventory levels of prefabricated equipment remained high.
Outlook
Based on the current order book coverage, which lasts until the end of Q1
2024, PALFINGER expects revenue of EUR 2.4 billion and an EBIT of over
EUR 200 million in 2023. Geopolitical developments and the challenging
macroeconomic conditions remain factors of uncertainty for 2024.
A noticeable market recovery in the EMEA region is currently not
foreseeable, the market environment in NAM and in the marine sector
remains positive.
+++
ABOUT PALFINGER AG
PALFINGER is an international technology and mechanical engineering
company and the world’s leading producer and provider of innovative crane
and lifting solutions. With around 12,700 employees (without contingent
workers), 30 manufacturing sites and a worldwide sales and service network
of around 5,000 service points, PALFINGER creates added value from the
challenges of its customers. PALFINGER is consistently continuing on its
course as a provider of innovative, complete solutions that deliver
increased efficiency and better operability, while leveraging the
potential of digitalization along the entire production and value chain.
PALFINGER AG has been listed on the Vienna stock exchange since 1999, and
in 2022 achieved record revenue of EUR 2.23 billion.
For further information please contact:
Hannes Roither | Group spokesperson | PALFINGER AG
T +43 662 2281-81100 | h.roither@palfinger.com
Texts and accompanying images are available in the “News” section of
www.palfinger.ag, www.palfinger.com.
══════════════════════════════════════════════════════════════════════════
30.10.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
══════════════════════════════════════════════════════════════════════════
Language: English
Company: Palfinger AG
Lamprechtshausener Bundesstraße 8
5020 Salzburg
Austria
Phone: +43 (0)662/2281-81101
Fax: +43 (0)662/2281-81070
E-mail: ir@palfinger.com
Internet: www.palfinger.ag
ISIN: AT0000758305
Listed: Vienna Stock Exchange (Official Market)
EQS News ID: 1759803
End of News EQS News Service
1759803 30.10.2023 CET/CEST
OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH und der jeweilige Aussender